There can be no doubt in answering this question.

19. Do not stake all cards on a swift (in 1/4-1/2 year) revolution in Europe, but systematically, without gambling fever, prepare revolutionary war, utilizing the "preoccupation" of war of both groups of imperialist giants.

20. The policy of beautiful gestures and revolutionary phrases — that is the danger of the moment.

21. Objectively: alliance with Wilson or defeat, but no alliance with imperialists whatsoever.

22. The forces of both groups of giants are approximately equal without us. Let them exhaust themselves (until revolution explodes among them as well), and we shall consolidate the socialist revolution. This is the surer path to international socialist revolution. This is the only path without adventurism, without gambling fever, without staking all cards.

not later than 7 (20), 1918

SKETCH OF THESES ON BANKING POLICY*

1. Draw up a report of funds received in the banks.
2. Invite a sufficient number of experienced workers to accelerate this matter.
3. Nationalization of banks is retained.
4. All banks are consolidated into a single People's Bank of the Russian Republic.
5. Opening of the largest possible number of branches.
6. Declaration of the inviolability of deposits (which, of course, in no way diminishes the rights of the state to levy taxes).
7. Free circulation of checks.
8. Complete preservation of workers' control (including in the sphere of money disbursement).

* See Works, 5th edn., vol. 36, pp. 219-221. Ed.

9. Rationing of money disbursements for consumer purposes is retained; a series of practical simplifications are introduced.

1918

PRELIMINARY VARIANT OF THE PROJECT

"THESES ON THE CONTEMPORARY

POLITICAL SITUATION"

Written in early January,

First published in 1929

in Lenin Miscellany XI

Printed from the manuscript

Written in April, not before the 8th,

First published in 1933

in Lenin Miscellany XXI

Printed from the manuscript